\n<\/p>\n
BRRRR investing<\/strong> has become one of the most popular real estate investing strategies across the United States. But, the great contractor shortage of 2020 and 2021 <\/strong>almost decimated BRRRR investors. Record high prices, dragged-out timelines, and the inability to rely on almost anyone to fix up houses brought this strategy close to extinction<\/strong>. But now, we\u2019re seeing a second wind of BRRRR investing as contractors aren\u2019t being stretched so thin and competition for real estate starts to slump.<\/p>\n Welcome back to another episode of Seeing Greene<\/strong>, where your \u201cI don\u2019t seek validation, validation seeks me\u201d host, David Greene, is back to answer your questions on anything related to real estate. In this episode, we talk about investing methods such as the BRRRR strategy<\/strong><\/a>, real estate syndication investing<\/strong>, becoming a real estate professional<\/strong>, and more. We\u2019ll also touch on some deeper topics like why so many new real estate investors crave validation<\/strong>, how to know when to fire your property management company<\/strong>, and the medieval meaning of \u201cracking your brain.\u201d<\/p>\n Want to ask David a question? If so, <\/strong>submit your question here<\/strong><\/a> so David can answer it on the next episode of Seeing Greene. Hop on the BiggerPockets forums <\/strong>and ask other investors their take, or follow David on Instagram<\/strong><\/a> to see when he\u2019s going live so you can hop on a live Q&A and get your question answered on the spot!<\/p>\n David: Collin: David: Paul: David: Hieu Bui: David: Seth: David: \u00a0<\/p>\n \u00a0<\/p>\n<\/div>\n Help us reach new listeners on iTunes by leaving us a rating and review! It takes just 30 seconds and instructions can be found here<\/a>. Thanks! We really appreciate it!<\/p>\n Interested in learning more about today\u2019s sponsors or becoming a BiggerPockets partner yourself? Check out our\u00a0<\/em>sponsor page<\/em><\/a>!<\/em><\/p>\n Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n
This is The BiggerPockets Podcast, show 669. Get yourself around other people that are committed to their goals. And it doesn\u2019t have to be real estate. Get yourself around other people that are committed to staying in the gym. Get yourself around other people that are committed to eating healthier foods. Get yourself around other people that are committed to having better marriages or being better parents or managing their wealth better. The first thing that you can do is when you start telling other people good job for what you did, it will silence the need you have inside yourself to hear it. I don\u2019t know why it works like this, but it\u2019s almost the equivalent of if you\u2019re really hungry but you give someone else food, your hunger can go away. What\u2019s going on everyone? This is David Greene, you are host of the BiggerPockets Real Estate podcast here today with a Seeing Greene episode.
If you\u2019re new to BiggerPockets, you\u2019re going to love it. This is a place where the best real estate investors in the world come to learn how to invest in real estate and build big wealth. And if this is your first time hearing a Seeing Greene episode, you\u2019re in for a treat. In these shows we take questions directly from our community. Areas that they\u2019re stuck in, advice that they need, hurdles they\u2019re having a hard time overcoming or they\u2019ve got a bunch of different options they don\u2019t know which is the best one to take and I do my best to give them advice from my perspective as the person who\u2019s Seeing Greene. In today\u2019s show we\u2019ve got some really good stuff. We get into a very good conversation about the timeline you should give a property manager to turn a property around, as well as what you should look for if you\u2019re going to switch to a new property manager.
We talk about what the IRS considers a real estate professional and how you can take advantage of all the tax benefits that come from that designation. And we get into if real estate syndications are as beneficial as they may seem. All that and more in today\u2019s show. But before we get to our first question, today\u2019s quick tip is, this episode is dropping right when BP Con 2022 is starting. So what are you doing to get out there and make connections or foster the relationships that will take your business to the next level? Do you have a game plan to go demonstrate value to a potential mentor and get someone personally invested in your success? Have you evaluated what skills and talents you\u2019re bringing to the table? Spend some time today to make your next event, conference, or coffee meeting that much more impactful so that you can supercharge the speed that you get through your learning curve and get into making big money and having big success soon. All right, let\u2019s get to our first question.<\/p>\n
Hey David, thanks so much for taking the time to review my question. My question has to do with the BRRRR strategy. Given how hard it could be these days to lock down a contractor, given how far out in advance contractors tend to be booked, how do you balance the process of sourcing the right property to BRRRR with the process of ensuring that a reliable contractor will be available to perform the rehab process shortly after the property is closed on? The last thing you want to do is have to soak expenses to hold the property while you wait weeks or even months for the contractor to start the job. Thanks so much again for taking the time to respond to my question. Really appreciate all the great content you\u2019re putting out there.<\/p>\n
All right. Thank you Collin. Some pretty good questions that you\u2019re asking there. Let\u2019s start with where we are in today\u2019s market. With the interest rate hike we\u2019ve had, we\u2019ve seen a decrease in demand. And not every market\u2019s the same, but in many markets across the country we\u2019re actually seeing a slowdown. So I\u2019m having an easier time finding contractors right now than I have had in recent past because there\u2019s not as many transactions happening. So a contractor\u2019s talents are in less of a state of demand, which means it\u2019s easier to find contractors to do deals. That\u2019s one thing to keep in mind. There\u2019s also contractors out there that are busy and then there\u2019s others that are actually looking for work. So I would say double down on the amount of people that you ask for referrals from different contractors that can do work. Then you\u2019ve got the fact there\u2019s different kinds of contractors.
There\u2019s some contractors that just communicate with you, look really fancy and professional, spend a bunch of money on SEO so that you find their company when you\u2019re googling them, and they sub out all the work to completely different companies. So they might go to a plumbing company and say, \u201cI\u2019ve got a job. What are you going to charge?\u201d And the plumber says, \u201c20 grand.\u201d And the contractor tacks plumbing as 30 grand onto the bid and they make a $10,000 spread because they found the plumber. You\u2019ve got other contractors, and these are the types that I tend to prefer, that have a plumber on in their company or a person that can do plumbing work that comes and does it. And so you\u2019re not paying as much as if they contracted to a completely different company. There\u2019s also the fact that in today\u2019s market when houses are not flying out the shelves in every single market across the country like they have been, that you can get a longer escrow period.
If you put the house in contract and the contractor says, \u201cWell I can\u2019t start for another three weeks.\u201d, you can go back to that seller and say, \u201cHey, can we close three weeks later? Can we delay escrow? Can I maybe close in a week and a half later?\u201d And you only have to soak the cost of a week and a half instead of the full three weeks. So you\u2019ve got something there. And then another thing that I\u2019ll do \u2026 Because I have a couple BRRRRs going on right now and I got a property in contract today as we\u2019re making this episode and that\u2019s going to be a BRRRR. Now, part of that property can be rented out as is and another part of the property needs to be renovated. So in that case, I\u2019m going to rent out the property as is as soon as I close as a short term rental. And when the contractor can start the work, that\u2019s when I\u2019ll shut down renting it out while he takes about 30 days to complete the renovations and I get it back on the market.
So not every property has this problem where you can\u2019t do anything with it until it can be renovated. Now if you\u2019re doing kitchen, bathroom remodeling in a single unit property, yeah, you\u2019re going to be soaking those costs. So what I would do is I would look at building that into your offer. So if you know it\u2019s going to be another three weeks before you can get to the job and you are going to spend $3,000 a month on mortgage, maybe see if you can get the house for $9,000 less or get $9,000 credited back to you from the seller to cover those expenses. Look for some creative ways that you can get the seller to pay for some of those expenses that you\u2019re going to have if they won\u2019t delay the escrow. But in any regard, I\u2019m finding that right now is an easier time to BRRRR than what I\u2019ve seen in the last eight years.
All right, our next question comes from Jake in Pennsylvania. The good old PA. \u201cAre real estate syndications as beneficial as they seem? Would you recommend them for a beginner investor or should I focus more on multi-family rentals to start out?\u201d Okay, let\u2019s dig into this. I don\u2019t know that a syndication will ever be as beneficial as it seems because how it seems is usually going to be the syndicator paying for some kind of sponsored ad on social media or selling you at some kind of a conference to say, invest in my fund, invest in my syndication, because they want your money. So I\u2019ve never looked at it as if they\u2019re as beneficial as they seem. I\u2019ve looked at them as are they as beneficial as buying a house for myself?
And I have invested in syndications, primarily with my partner Andrew Cushman. He and I buy apartment buildings together and we\u2019ve structured some like that. But I also spend more of my money on residential properties that I own myself, not in syndication. So sometimes I\u2019ll invest in a syndication because I\u2019m having a hard time getting a loan. Sometimes I\u2019ll invest in a syndication because there\u2019s not that many good deals out there. Sometimes I\u2019ll invest in a syndication because I\u2019m really busy and I don\u2019t have time to manage a BRRRR, a rehab, getting a property up and off the ground and running so I\u2019ll just give my money into a syndication and get it back in a couple years. I\u2019ve done that a few times. There\u2019s different reasons why I might want to. In general, I would say most people are probably going to be better off investing it themselves.
And here\u2019s why. When you start off buying your own properties, you\u2019re not only getting the return on your money but you\u2019re gaining knowledge. You will learn so much more buying a deal and making mistakes and getting better than you will handing your money to a syndicator who\u2019s going to go buy a deal, make mistakes and get better off of your money. I\u2019d rather see you, Jake, house hacking. If you don\u2019t have a property at all, house hack. I\u2019ve said it before, I will say it again. Everyone listening should be house hacking one house every year. Every single year for at least the next 10 years you should be getting a primary residence, and probably longer because you can often get primary residences after you have 10 properties. If that\u2019s all you did in your whole career, you would be very wealthy at the end of your career if you just bought a house, a year, house hacking, putting 5% down or three and a half percent down sometimes.
Now anything you buy in addition to that, you should weigh, is it better to buy the rental and put 20% down or is it better to put that money into a syndication? If you\u2019re going to focus on multi-family rentals, you\u2019re probably talking small multi-family. That\u2019s going to be two to four units. Just make sure you\u2019re doing that in an area that is not crime ridden, not full of problems from problematic tenants and is an area where you\u2019re seeing population growth. One of the benefits of a syndication if this syndicator is good is they\u2019re more likely to have done their homework on the area that they\u2019re investing in because they have a lot of money going into it. So if the person\u2019s good, they avoid buying into bad areas, which you as a new investor can easily wander into.
And if you look at most problems in real estate, it comes from someone that bought in the wrong area. So it all depends on your goals, how you\u2019re going to vet the performance, if you\u2019re trying to maximize your capital, how much time you have to put into it. There\u2019s active and there\u2019s passive and there\u2019s a scale in between and you have to ask yourself how much you\u2019re willing to do. You also have to be an accredited investor in most syndications, which you may not be. In which case it becomes a very easy answer. You should be buying your own properties. But if you\u2019re looking at a small multi-family and you can buy it on your own and man, house hack is just staring you in the face. Just buy a triplex or a fourplex every single year. Don\u2019t make this complicated. Get the best one that you can. Live in one unit, rent out the rest, then buy another one next year and rent out the one that you were living in right now and you\u2019ll end up accumulating rental properties for five to 10% down instead of 20 to 25% down and your capital will go much further.<\/p>\n
Hi David. My name is Paul Charbonneau and I live in the Dallas Fort Worth area and I invest in Pittsburgh, Pennsylvania. My partner and I started this about two and a half years ago and over that time we have purchased 20 single family houses and we used private equity to purchase those and right now we\u2019re working on our first refinance. And if we refinance 10 of them, or half of them, that will pay off the note and we will own the other 10 scott free. So, so far, so good. Everything seems to be working according to plan. But my question to you comes from a tax perspective. I work full-time W2 job and right now I could only take the tax loss for the passive income. It cannot offset any of my W2 income the way I\u2019m reading it. And the only way to get past that hurdle is to become a real estate professional.
And I was looking up what that entails. And you can correct me if I\u2019m wrong, but I think it says more than 50% of the personal services you perform in all businesses during the year must be performed in a real estate business you materially participate in. So that would tell me that maybe if I worked at a title company, I\u2019m in real estate, but that\u2019s not anything that I have a personal stake in. So I think that doesn\u2019t qualify, but I would like clarification on that. And then the other thing says that you have to spend at least 750 hours in the calendar year in real estate services or businesses and I think I qualify on that aspect. I could easily do real estate all day. So the question that I have is can I reduce my hours at my W2 job? And let\u2019s say I go part-time to a thousand hours a year. At that point, if I work 1,001 hours on real estate, do I qualify as a real estate professional under the IRS guidelines? And then the second part of that question is going to be, how do they look at the number of hours that you worked? Does scouring Zillow count? Talking to my property management group? I assume that works. What about talking to my realtor? All of those conversation emails. What constitutes as working 750 hours? Look forward to hearing your answer. Thank you.<\/p>\n
Hey there Paul. Thank you for this. First off, you\u2019re asking the right questions. I love that you\u2019re saying how do I do this, not am I doing this or can I do this or I can\u2019t do this. You\u2019re asking the right question. You\u2019re also asking it in the right forum. Thank you very much for posting this on Seeing Greene. If you guys would like to also ask a question, just go to biggerpodcast.com\/david and you can ask a question just like Paul. Now Paul, I do need to preface this by saying this is not legal advice. I am not a CPA and so I don\u2019t know exactly what the law is. Now, I can understand the law as you read it and that is my understanding of what you said. Very similar to a 1031. I know most of the main stipulations, rules and regulations. Where you get tripped up with legal matters is in case law.
Now, in many cases in the law, if you guys have never heard of the phrase case law before, you have a hard and fast rule such as you have to perform 750 hours a year doing real estate related activities or you have to spend more than 50% of your time on something that you would be materially affected by. Something along those lines. However, sometimes there\u2019s ambiguity in what would be materially affected or what would be considered real estate related activities. That\u2019s where case law comes into effect. Now, case law is when judges look at a specific case and set a precedent saying, hey, in this case we found that this work did not constitute real estate related activity or this case it did. So your question about Zillow is a great question. Would that count? We would have to ask a CPA who knows the case law on that specific situation.
Has there been a person that claimed to the IRS, I\u2019m a real estate professional because I looked at Zillow for houses as part of the acquisition part of my business, and if so, how did the court rule in that specific case? That then determines precedent or what we call case law. Now, coming from law enforcement, I had to study this laboriously. I was constantly learning case law when it came to use of force, evidence, rules when it came to the fourth amendment, which is really big in law enforcement. Search and seizure. If we find evidence of a crime on someone, there\u2019s certain times where it\u2019s admissible in court, there\u2019s other times where it\u2019s not admissible in court and you had to learn the case law to know how to make your case stick. That\u2019s the same in the situation that you\u2019re in here. So I\u2019m going to tell you that you should run this by a CPA before anything that I tell you is something that you go put into practice.
What I can tell you is what I would do if I was in your situation. Part of why I am an entrepreneur now instead of just working the W2 job is because everything that I do is real estate related. I have a real estate sales team. The David Greene Team. I have a real estate loan company, The One Brokerage. I do real estate investing myself. I\u2019m now raising money and helping invest it for other people. That\u2019s Greene Capital. I write books about real estate. I make podcasts about real estate. I make YouTube videos about real estate. I write books about real estate. All of this stuff is real estate related so that it\u2019s not hard for me to qualify as a full-time real estate professional so I save in taxes in a big, big way. You could do the same thing. The question is, is your W2 job holding you back?
And this is the case for so many people, Paul. I think you\u2019re this prototypical, awesome example of a BiggerPockets member. You love real estate, you bleed real estate, you eat and breathe it, you can\u2019t get enough of it. You listen to all the podcasts, you love to talk about it at barbecues. You\u2019re the guy that all your friends come up to you because you have all the real estate answers and they\u2019re fascinated by it. But yet you still have a foot or maybe a foot and a half in the corporate W2 world that stops you from being the full-time professional. I don\u2019t think working at a title company would qualify because that\u2019s still your W2 job. However, what if you started a title company, hired one even part-time person to work in that title company, started talking to realtors or other investors and saying, \u201cHey, when you buy a house, let me do your title work. This is the offer I can give you. This is the service I can give you. This is the price that I can give you that\u2019s better than other people. Bring me your business.\u201d
Even if that business isn\u2019t making you money hand over fist, what if the hours that you put into running it start to qualify you as a full-time real estate professional? Now again, I don\u2019t know the case law on this so I cannot come out and tell you this is all you got to do. Just go do this. I\u2019m not a full-time professional. I\u2019m not a CPA. I would have to run this by my CPA to ask, but these are the kind of questions that I ask. If I\u2019m acquiring properties, if I\u2019m refinancing properties, if I\u2019m doing X or Y in business, would that qualify? When they tell me this would or this wouldn\u2019t, now I know what direction to put most of my time in and the question becomes how do I make that profitable.
What most people do is they say, what\u2019s profitable? How do I go do that? Well, you often paint yourself into a corner where now you\u2019re not a full-time real estate professional. I don\u2019t think you need to jump completely out of your W2 job, but I do think you can start a side business or a couple and start moving in that direction. And as those companies become more profitable, you can start to take more weight off of the W2 foot and put it onto the foot that\u2019s in the 1099 world until eventually you can jump in all the way. Thank you for asking such a great question. I\u2019m glad that our listeners got to hear a little bit about how that works. If you\u2019re listening to this and you love real estate and you don\u2019t love your W2 job, you\u2019ve got more options than just completely quit your job and go full-time into investing or be stuck in a job you hate forever and never get out of it.
There\u2019s a whole spectrum of stuff that you can do and I\u2019m a really good example of someone who lives inside that spectrum. I\u2019ve got tons of different revenue streams where I make money through real estate because there\u2019s so many different ways that you can do it and I\u2019d like to see more of you doing the same thing. So if you\u2019re not happy with your W2 job, but you also wouldn\u2019t be happy being a complete risk filled full-time investor, find a job that is somewhere in the middle like an escrow officer, a title officer, a loan officer, a loan processor, a real estate agent, a buyer\u2019s agent, a showing assistant, a real estate administrative assistant, a contractor, a handyman, a CPA, a bookkeeper. I could go on, but there\u2019s a lot of different people that work within this industry that serve it where you could start to dip your toe and get involved so you could be closer to real estate but not completely dependent on rental income to pay your bills. Paul, let me know if there\u2019s anything I didn\u2019t answer in your question. Please submit a follow up question if that\u2019s the case. And also I would encourage you to post this on the forums on BiggerPockets so other people can weigh in.
All right. Thank you everyone for your questions so far. We would not be able to do this show without you. And in fact, my love and appreciation for you and those that have submitted their questions to biggerpockets.com\/david has reminded me that I needed to turn the light green of everything I do with BiggerPockets. By far, I have the hardest time remembering to change the light from green to blue. So if you\u2019re watching this on YouTube, no, it did not just skip to another video. I just remembered to turn the light on. But hopefully this different ambiance captures your attention and keeps you interested as my monotone, baritone, calming voice may be putting you to sleep so you can get more out of this real estate cornucopia of information that we\u2019ve put together for you.
All right, in this segment of this show I like to read some of the comments that we\u2019ve gotten off of our YouTube channel on previous episodes. A lot of these are funny or nice or sometimes they\u2019re even mean and that\u2019s fun to share too. So as you listen to these, please leave a comment for me on YouTube. Let me know what you liked, what you didn\u2019t like, some insightful information that you got out of this or just something clever and humorous that I can read on the next show because it\u2019s always better when we can spice the information up with a little bit of flavor and funny.
First comes from R. \u201cI will unsubscribe if you ever get rid of the Seeing Greene episodes. These are the best ever.\u201d I love that I get to read comments about me that are always positive. And I\u2019m sure as you guys are listening to this, you\u2019re thinking that. Does David just pick the nicest stuff about himself? Well, you\u2019ll never know unless you go to YouTube and read the comments for yourself and leave one for me. R, I don\u2019t know who you are, but I do know that that was a very nice thing to say. So I will try to make sure that you never unsubscribe and we will continue to make Seeing Greene episodes and hopefully make you a lot of money.
The next comes from Pewmeister, whose name alone has already got me chuckling a little bit. \u201cAwesome episode as usual, David. Also, I ordered your book. I\u2019m currently in law enforcement. I\u2019ve gotten into investing. I\u2019ve developed such a passion for real estate. I\u2019m starting the courses to get my realtor license this week. Thanks for all the value that you have brought to the BiggerPockets community.\u201d There\u2019s something about people getting out of law enforcement and into real estate right now. I\u2019m definitely seeing a trend. I might have been the first person to take the Oregon Trail and now everyone\u2019s following me. I\u2019m not sure what it is about these two professions that end up going hand in hand. My buddy Daniel Delrill told me there was some movie and I think Harrison Ford played a homicide detective that was also a realtor on the side. So he\u2019d be on his phone putting deals together when he was at the crime scene. And there was definitely more than one moment where I was doing something very, very similar. And so if anyone knows the name of that movie, please go into the comments on YouTube and post it so that we can get a feel for what it is about Harrison Ford\u2019s character that is drawing so many BiggerPockets members into taking a similar path.
The negative comment comes from Uli Mooli. We are on a role with the names today. \u201cThis was great. Any idea for you for new content would be to review other people\u2019s advice to see what you agree and would improve.\u201d Ooh, Uli Mooli. I got to say I like this. You start having me review other people\u2019s advice and I get to critique it and maybe disagree with it and maybe offer a alternative opinion and you might start seeing a little bit of beef popping up in the real estate community. I\u2019m okay with that. I think that\u2019d be fun if we brought some people in and we had me give commentary and what I thought about their advice. I made reaction videos to people. Like Patrick Bet-David is a guy I respect a lot, but he made a video on how you can\u2019t really trust your realtor because usually your realtor is working with the other realtor more than they\u2019re working for you.
And I made a reaction video that described that happens less than 1% of the time that we even know the realtor that we\u2019re dealing with on the other side. That happens at the ultra high end luxury community where a handful of realtors will sell 20 million houses and they all know each other. But to the general person, the realtor you\u2019re working with probably sells three houses a year and they\u2019re working with someone that sells six houses a year. They never cross paths. But I like it. That\u2019s what I\u2019m getting at. I like this idea. So if you would like, Uli Mooli, you can help us by going to biggerPockets.com\/david, giving advice that you\u2019ve received about a question you have and asking me what I think about it. Maybe we can start the trend there.
And our last comment comes from Gerald Smith. \u201cI wish I knew of you years ago. I\u2019m 75. Great advice.\u201d Well dang. Thank you Gerald. I really appreciate that. It\u2019s not every day that you hear a 75 year old tell you that you\u2019re giving good advice so I will take that to heart and you made my day. Thank you for that. We love it and we appreciate your engagement so please keep it up. Like, comment and subscribe on YouTube. And also if you\u2019re listening on your podcast app, whichever one it is, take some time to give us a rating and an honest review. We want to get better and stay relevant, so drop us a line. All right, let\u2019s get to another video question.<\/p>\n
Hey David, this is Hieu Bui. I\u2019m from Augusta, Georgia and I just want to say I really enjoy your format here. I\u2019m always looking forward to a Seeing Greene episode. So kudos on that. Very good job. So about me, I am a full-time real estate investor now and I currently own about 20 to 30 doors here in Georgia. And because I\u2019m a full-time real estate investor, I don\u2019t have a high taxable income on paper due to write off and depreciation. So for all of my residential properties, one to four unit, I always used a DSCR lender to finance all of my properties. So that\u2019s my wheelhouse. But recently I purchased a seven unit apartment and I know that my lender will not refinance it. I bought it with private money lender. But the DSCR lender would not refinance it because it is not residential. It would be commercial since it\u2019s more than five units.
So my question for you is how do I go about refinance this property with a commercial loan or some other option when I don\u2019t have a high taxable income? What would my option be in that case? And this property would cash flow really nice because, just some rough numbers, the total income will be 5,500 bucks per month and we currently only owe about $400,000 on it for the private money lender and we also bought it at a very good discount. I think we\u2019re going to be at about 65 to 70% ARV after we fix it up. So the worst can happen, we can always sell it if we cannot refinance it. But I\u2019m curious to see what is your experience with refinance a multi-family, which you don\u2019t have any taxable income. So I appreciate it. Thank you. Have a good day.<\/p>\n
Well first off Hieu, I\u2019m sorry to hear you got stuck there. If you were using my team, we would\u2019ve told you not to buy a commercial property to try to use a residential DSCR loan. Maybe next time you can talk with your lender before you close on the property. Even if you\u2019re going to refinance it, I\u2019d give that advice to everyone. Don\u2019t buy the property or do the thing and then run to the professional and say, \u201cHelp. I screwed up. What do I do?\u201d Go to them before you close. When you\u2019ve got a contractor who\u2019s going to do the work, run it by the agent and say, \u201cWhat would the ARV be when we\u2019re finished with this?\u201d Or when the property\u2019s in escrow, ask the person, you\u2019re going to refinance it, \u201cWhat would you need to know about me?\u201d That\u2019s what I do. I don\u2019t ever walk into it and just hope that the person at the end of the day is going to be able to bail me out.
I want to tell them about what I\u2019m doing. And oftentimes they\u2019ll say, \u201cWell it\u2019s not going to work this way but it would work that way,\u201d and I have time to make the adjustment while it\u2019s an escrow. So that\u2019s a little quick tip for everyone out there. Now, there is some good news here. What I hear you saying is you bought a commercial property that cash flows very strong by commercial terms, that has a very solid loan to value ratio. I don\u2019t see why you can\u2019t just get a commercial loan on this commercial property. I might be missing something because you\u2019re saying that your DTI isn\u2019t that solid, your debt\u2019s income ratio, but it usually doesn\u2019t need to be on a commercial loan. They\u2019re probably not even going to look at that. Much like we don\u2019t look at them on DSCR loans. So I\u2019m just not sure why you wouldn\u2019t be able to refinance this into a commercial loan and maybe even pull out more of the equity than you put in like a commercial BRRRR. Those work too.
I\u2019m racking my brain trying to think about why you wouldn\u2019t be able to do that because I\u2019m wondering \u2026 Maybe you just didn\u2019t think about it because you don\u2019t get the 30 year fixed rate. That could be the case. You\u2019re probably going to be looking at a 5\/1 ARM, a 7\/1 ARM, maybe a 10\/1 ARM. That\u2019s just how commercial properties work. Double side note, this is why DSCR loans are so amazing and why we do so many of them. Because you don\u2019t get the adjustable terms with the commercial underwriting. You get the residential 30 year fixed rate terms with the commercial underwriting. So it\u2019s really the best of both worlds and this is why I\u2019m buying so many properties right now specifically with this product because I don\u2019t know how long it\u2019s going to last. At a certain point, lenders will pull this off the market.
The only thing I can think about is you don\u2019t like that adjustable rate. But if you\u2019re going to sell the house now, why not refinance it into an adjustable rate mortgage with a fixed rate for five, seven or 10 years and sell it at the end of that period of time. Unless you think that prices are going to go down over the next 10 years. That\u2019s kind of hard for me to see a scenario like that happening with the inflation rate that we have right now. Man, this would be a great one for us to have you back on with a coaching call so I could dive deeper. But yeah, I would just say find a commercial lender and refinance it that way. You could reach out to us. We\u2019re happy to do it for you. Or you could talk to loan officer that you have already and see if he has a connection with a commercial lender. Just finance it that way and move on to the next property. Thanks Hieu.
All right, our next question comes from John Nunguster. John is from Thousand Oaks and has a rental property here in California. Thousand Oaks is in Southern California if you guys didn\u2019t know that. Has one home and is looking to BRRRR in East Texas. There\u2019s so many Californians that are all looking to invest out of state. It\u2019s almost ironic that I wrote a book called Long Distance Real Estate Investing as a Californian who at one point had to do the same thing. \u201cDavid, I feel like we are kindred spirits. I\u2019m currently employed as a deputy sheriff. I\u2019m also a blue belt in jujitsu.\u201d
All right, let me just stop you right there, John. I\u2019m a \u2026 Not only am a white belt man, I\u2019m a clear belt. I haven\u2019t gone to class in over three months. I\u2019ve been traveling, buying properties and super busy with a 1031. So let me not give this fake impression that I\u2019m a jujitsu master. But thank you because I am interested in it. I just haven\u2019t put enough time into it to say I\u2019m good yet. \u201cI\u2019m currently trying to build a portfolio to replace my current W2 income and I\u2019m really feeling a calling towards building a team of law enforcement officers as private money lenders to buy real estate and become financially free. Do you have any tips on this?\u201d Okay, I\u2019m going to answer the first part of your question then get to the second. You need to look up Brian Burke. Brian Burke was a staple on the BiggerPockets platform when I first started getting into it almost 10 years ago now, and he was a law enforcement officer, I believe in the Santa Rosa area. I don\u2019t remember which police department. It doesn\u2019t really matter.
But he left to become a full-time syndicator. I believe he runs Praxis Capital and he\u2019s a very good investor and more importantly a good guy. Brian\u2019s a person I look up to as a mentor. He\u2019s someone that I go to and say, \u201cHey, tell me what you think about this,\u201d or, \u201cWhat do you think I should do different?\u201d I really, really respect Brian and I\u2019ve never heard a bad thing said about him by anybody on the platform. So if you guys are hearing Brian\u2019s name for the first time, give him a call and say that David Greene said he\u2019s an awesome dude and you want to follow him and also search for blogs he\u2019s written or any books that he\u2019s written on the BP platform. He\u2019s a great template of how you can do it.
All right, getting to the rest of your question. \u201cMaybe you get this all the time, but I feel like you would be an amazing guy to grab a beer with and rack your brain for an hour or so.\u201d All right, I do get that all the time. Let me just address this right now. For one, I don\u2019t drink. I never have. It\u2019s not like I\u2019m an alcoholic or I have a conviction against it. I just don\u2019t think it\u2019s a very good idea and I have enough vices in my life like food for one, which is a struggle for many of us all the time. But I don\u2019t need to add more vices by getting into drinking. So for all the people that have offered me a drink or said to go grab a beer, just know I was not rejecting you. I was just rejecting that offer because I don\u2019t drink. And thank you for that. As far as racking my brain, this is the best place to do it. That\u2019s why we do these Seeing Greene episodes so that everybody can rack my brain all at one time.
And this now begs the question, what the heck does rack someone\u2019s brain mean? You hear this a lot. It doesn\u2019t make any logical sense. Does anyone know where this phrase rack your brain comes from? Now I\u2019m worried more about that than I am the question. Let\u2019s get back on the topic here. \u201cI have been an avid follower of BiggerPockets for several months now and even read your book on out-of-state investing.\u201d How funny, I mentioned that earlier. \u201cI\u2019m currently reading Brandon\u2019s book on creative financing and I\u2019d like to know if you have any tips for me. And my question is, do you ever meet with the people one-on-one to chat about real estate and mentor a newbie?\u201d Great question here. This is actually something I get asked all the time, probably several times a day. Maybe more. I\u2019ll get a DM or an email or someone saying, \u201cHey, will you be my mentor?\u201d
So let\u2019s take a minute to break this apart. First off, BiggerPockets itself functions as the best mentor you could ever have. I\u2019m sure you already know that because you know a lot about me. You know that I like jujitsu, you know that I\u2019m a former law enforcement. So clearly you\u2019re already listening to BiggerPockets and anyone hearing this advice, you\u2019re in the same boat. Otherwise you\u2019re going to be hearing it. Just keep in mind that BiggerPockets was formed to be that mentor you never had. To give you a place to go ask questions like the forums. We write books so that you could go read them so that you wouldn\u2019t have to talk to another human being because all their information is put into their book. This podcast was meant to feel like you\u2019re part of a conversation between a real estate investor and another real estate investor, and you get to be the fly on the wall and listen to what they say.
Seeing Greene particularly is something where you can come in to ask questions just like this. So this is already a form of mentorship. Now, there\u2019s another form of mentorship that goes deeper that\u2019s really more like an apprenticeship. An apprenticeship is a situation where someone experienced and knowledgeable in a skill passes down their knowledge and their skills to someone else to develop that person so that they can then go make money. Now, in my opinion, an apprenticeship is the best way under God\u2019s green earth, no pun intended for Seeing Greene, to learn anything. That\u2019s what jujitsu is. You get this instructor who knows a lot that walks you through the techniques and tells you to move your foot here, move your hips this way, grab here instead of there, grab with this part of your hand and not that. There\u2019s all these details that they have learned over years and years and years of doing it. That\u2019s how martial arts are passed down.
It\u2019s done through the apprenticeship model. Now, the apprenticeship model made sense when the person teaching the apprentice was going to get something out of it because the apprentice was then going to work for them. Now, you may have already understood this, John, but I think a lot of people don\u2019t, and that\u2019s why I\u2019m getting into this at a deeper level. In today\u2019s world, you\u2019re not going to learn the martial art from the black belt so that you can then go teach in the school. Most people are not interested in working for the person that they\u2019re teaching. So instead of compensating them with their labor in the future, they compensate them with money right now. This is why I pay 150 bucks a month to belong to the jujitsu gym. This is why people may pay for courses where someone\u2019s going to teach them, hey, here is how you do what I do in the real estate space.
Now, BiggerPockets is this amazing paradise of awesomeness because very few things here cost money. This is why we do it. We\u2019re giving free information because we have such a big reach that the company can still afford to keep the lights on just by the sheer volume of people that are there, the ads that they sell, stuff like that. But if you\u2019re approaching someone and wanting to be a mentor that you don\u2019t know, it\u2019s very rare that someone\u2019s going to say, \u201cYeah, I was hoping that I could take some time away from managing all the stuff I already have going on to teach a different person that I don\u2019t know.\u201d And so the odds of you getting a mentor from that approach probably aren\u2019t that great. What I would recommend, what I do, what the successful people I know do is they are more clever than that.
So for instance, I\u2019m going to be in Scottsdale hosting retreats where I\u2019m teaching the people how to invest in real estate. That\u2019s a great way to get to know me better. If you go to BP Con and you see me sitting down somewhere and you come sit down and hang out in the conversation, that\u2019s a great way to get to know me better. If you have a friend of a friend and you end up \u2026 There\u2019s a couple guys that literally joined my jujitsu gym just because they were like, \u201cIf I\u2019m rolling with the guy, I have to be able to ask him questions.\u201d That literally happens is they will come to me and try to talk about real estate in class. Now, I\u2019m not saying I want a bunch of stalkers. That actually can become problematic. I\u2019m giving you examples of how you can use your creative abilities to build a relationship with someone rather than just emailing them and saying, \u201cWill you be my mentor?\u201d And probably not getting a response.
Another way that I\u2019ve seen that people can do really well is they will go make friends with the people that are in my company that I rely on. All right. So guys like Kyle Renke who\u2019s my chief operating officer or Christian Bachelder who runs the One Brokerage with me. Krista Keller, my assistant. These people contact me every day and play a very big role in my life. If you make yourself valuable to them and one of them is like, \u201cDude, this person\u2019s been super helpful. They sent us this thing, they gave us this connection, they provided us with this resource that I wouldn\u2019t have been able to get this thing done without them.\u201d You make my friends like you, you\u2019re going to make me like you. So if you really, really want a mentor, you need to think about how you can get in their world.
When we interviewed Alex Hormozi, he said he spent \u2026 I don\u2019t remember what it was. It was more than $100,000 to talk to Grant Cardone on the phone for an hour. And he did that several times. Now, he didn\u2019t just get the information that Grant Cardone gave him. Alex got a relationship with Grant Cardone that turned into a friendship. I\u2019ve seen people do this with other people like Ed Mylet where they will pay a lot of money to get coaching from that person, but in the process of coaching, they develop a relationship which turns into the mentorship that isn\u2019t the apprenticeship model. So just this word mentor is \u2026 It\u2019s used very ambiguously and I\u2019m trying to become more specific. You\u2019ve got an apprenticeship and then you\u2019ve got a relationship and each of them have different paths to get there.
So if that\u2019s what you\u2019re looking for from me or from someone else that\u2019s in this space, you\u2019re going to have to think how do you set yourself apart from other people? I appreciate the offer to get me a beer, but that beer would cost me so much money if I had to take time away from the other stuff that\u2019s going on, it wouldn\u2019t make a ton of sense. Now you show up at BP Con, you donate money to a charity that I really like, you become friends with someone that I know, you end up at an event that I\u2019m at and something comes up. Now you\u2019re in a position where you can start to develop that relationship that I know so many people here are looking for. This is how I got ahead is I joined GoBundance and I met a lot of the people you guys have heard on the podcast.
I met David Osborne and Tim Rhode and Pat Hiban. I met Andrew Cushman, I met Hal Elrod who wrote The Miracle Morning and wrote the endorsement for Long Distance Real Estate Investing, which we mentioned here. And a whole lot more people that I haven\u2019t mentioned. But I didn\u2019t go up to them and say, can you teach me everything? I joined the group they were in, I sat next to them, I went and rode snowmobiles with them and went wakeboarding with them and jet skiing with them and listened to their problems and tried to help them through it and we developed a relationship through that bonding process. So hope that that helps. I see that you\u2019re in Thousand Oaks, so I have a team in Southern California. If you would reach out to them, that would be a great way to get the ball rolling with getting deeper into my world. Thanks for the question.
All right, for those of you who have also been dying to know, our producer for the show, Eric, has done the heavy lifting and has found the meaning to rack your brain, which I am now going to share with you. The meaning is to think very hard to find an answer. If you rack your brain, you strain mentally to recall or to understand something. The rack was a medieval torture device where the victim was tied to the rack by his arms and legs, which were then practically torn from their bodies. It\u2019s not surprising therefore, that rack soon became a verb meaning to cause pain. The word was used whenever something or someone was under particular stress and a huge variety of things were said to be racked. The first recorded use of this being specifically applied to brains is in William Beveridge\u2019s sermon circa 1680. They rack their brains, they hazard their lives for it. Where else are you going to get this much real estate information, this much direct advice on finding a mentor and this much historical knowledge on the meaning of phrases like rack your brain than BiggerPockets? That alone should get us a like and a subscribe from you on YouTube and your favorite podcast app.
All right, our next question comes from Nathan Nye. Like Bill Nye the Science Guy. \u201cHi, this is Nathan from Michigan. Not an investor yet, but hoping to change that soon after listening to the podcast for around six months. Can\u2019t say enough how much I appreciate BP. Truly life changing. Anyways, very curious how you all at BiggerPockets navigate the topic of validation. Many people, including myself at times, thrive on someone else telling them good job. But whenever I find myself locked in this mindset, the tie to someone else\u2019s opinion feels unhealthy and almost takes control of my process. That said, I find it hard to tell myself you did it even with tasks or projects in my daily work. How do you tell yourself I\u2019m doing very well, I\u2019m proud of this, even if others are leagues ahead? How does this one conversation play out when millions are watching like on the podcast or even when you just know you know about an event happening? Would love to hear how you think about this topic. Thank you, Nathan.\u201d
Wow. We are going deep here. This is a great question and I\u2019m not even quite sure how I\u2019m going to answer this. I should start off by saying you\u2019re not the only person that feels this and I appreciate you having the courage to say it. Most of our listeners, me included, will struggle with wanting validation. In fact, I was just thinking about this the other day because there\u2019s a trait in people that will irritate me and it\u2019s usually some form of pride.
When people think that they\u2019re better than other people, when they act like they\u2019re better than me \u2026 In general, when anyone acts prideful it gets under my skin and almost every prideful person is insecure. So what I was thinking is when I see pride, what I typically want to do is try to humble that person. But the process of trying to humble somebody usually will hit on their insecurity and make their pain even worse. And this is the problem with insecurity, which shows up in pride, but it also shows up in the need for validation. Now, we\u2019re all created and designed to need this. When we\u2019re little kids, we need our parents to say good job. It\u2019s like a wiring that we have inside us. At least this is how I look at it. That is made by either intelligent design or evolutionary biology, however, you tend to look at it, to keep you alive.
If your parent doesn\u2019t tell you good job, you don\u2019t know what to do and you won\u2019t do the right things and then you\u2019ll end up dying. In the same way that when your parent says you have to look both ways before you cross the street and if you don\u2019t do it, they yell at you or they spank you. They\u2019re telling you you did not do a good job. And because that is painful to lose their approval, you\u2019re more likely to remember to look both ways before you cross the street and not be dead. The same thing if you eat your vegetables and they tell you very good job. They are training you to do a healthy thing that is hard and against your willpower. Sorry, against your nature, I should say. Against your will, not your willpower. That will serve you well in life so that they can keep you alive.
So this need for validation is tied to your desire to stay alive, and that\u2019s why it\u2019s so powerful. You can\u2019t just get away, get around it. The key is you\u2019ve got to put yourself around the right people so that they\u2019re giving you the right feedback and not leading you down the wrong path, as well as to put yourself in a position where you\u2019re not completely dependent on it because now we\u2019re not little kids and so now this can become a pain. Sometimes when someone tells me good job for something, I\u2019ll spend more time doing it when it\u2019s not in alignment with my goals. Other time I will be making progress with my goals, but I\u2019m not hearing good job. So this is difficult. Here\u2019s a few things I can tell you right off the bat that will help you. Get yourself around other people that are committed to their goals, and it doesn\u2019t have to be real estate.
Get yourself around other people that are committed to staying in the gym. Get yourself around other people that are committed to eating healthier foods. Get yourself around other people that are committed to having better marriages or being better parents or managing their wealth better. The first thing that you can do is when you start telling other people good job for what you did, it will silence the need you have inside yourself to hear it. I don\u2019t know why it works like this, but it\u2019s almost the equivalent of if you\u2019re really hungry but you give someone else food, your hunger can go away and that will help. The other thing is they\u2019re more likely to feed you if they\u2019re being fed. This is just a philosophy I have in life. Don\u2019t go around trying to find someone to be your friend. Go around looking for someone to be a friend to.
Don\u2019t go around saying, \u201cWhy won\u2019t anyone love me? Where do I find someone to love me? How do I make someone love me?\u201d Go around and say, \u201cHow can I find someone to love? How do I meet other people\u2019s needs?\u201d Because the people that meet everyone else\u2019s needs, the people that are a friend to others, the people that love others by the law of reciprocity will have that turn back to them. To me, that\u2019s what faith is. It\u2019s knowing if you do the right thing that your needs will be met rather than manipulating a situation to try to get your needs met by doing the wrong thing. It\u2019s trusting that if you do the right thing, that things are going to work out for you and then having eyes to see where it did. So when it comes to being locked in this mindset that you talk about, the tie to someone else\u2019s opinion that feels unhealthy and almost takes control of my process, one really helpful way you can get yourself out of that is to go look at what other people are needing, what other people are craving.
How many talented people do you know that are working a job they hate because they don\u2019t have the confidence to get out of it? How many really awesome people do you know that are stuck in an unhealthy relationship that won\u2019t leave it because there\u2019s not anyone telling them that they can do better? How many people do you know that are not happy with their weight, but they\u2019re just too insecure or shy to go running that you can say, \u201cHey, why don\u2019t I start walking with you every morning? Then let\u2019s start running together. Then let\u2019s go to the gym together.\u201d How many people do you know that are suffering from the same thing that you are suffering from right now, Nathan, that you can be that person to that you\u2019re looking for for someone to be to you? Now, I don\u2019t know exactly how that\u2019s going to work out for you. I just know that it will.
If you focus on putting other people\u2019s needs first and validating them in the way that they need, people will turn around and do it back to you and the universe or God or whatever you believe, intends to smile on that and push blessings your way. I know this was not the tactical advice that you were probably looking for, but I really hope that you would start taking some actions out of faith here and then either DM or email me and let me know if you\u2019ve seen a positive impact from this advice. All right, we have time for one more question.<\/p>\n
Hey, David. Seth Stevens with Silverback Investments in Cape Girardeau, Missouri. We own a 12 unit apartment building for about a year at this point. It\u2019s third party managed. We\u2019ve been able to raise rents, but overall, the building doesn\u2019t really seem to be doing a lot better than when we first purchased it. So my questions are how long should you give a property manager to turn a property around and what are some determining factors in deciding to switch property management companies? Thanks for taking questions.<\/p>\n
Steven, love it. This is a great question. All right, let\u2019s dive into this. First question. I don\u2019t think the right way to approach it is how much time should I give them to turn it around? I like to take almost every problem I have like what you have and turn it into the flow chart. Is it yes or no, if this, then that, right? So the first question I would ask at the very top is, is this something that can be turned around? If the answer is no, switching property management companies isn\u2019t going to help you. If the answer is yes, now you ask the question, how long should I give them to turn it around as well as what progress am I seeing that they\u2019re making? And then when it comes to the progress, now I\u2019d ask the question of like, well, why are they not making progress? I\u2019d work my way down that flow chart.
If it\u2019s a 12 unit property and it\u2019s not in a great area, it might not be the property manager\u2019s fault. Okay. Now just think about your Phil Jackson. You\u2019re the best coach that the NBA has ever seen. I don\u2019t know who the best coach is. That\u2019s debatable. Let\u2019s just say you\u2019re a very good coach and you\u2019re given the worst players in the league to play with. All of your knowledge, all of your skills with people, all of your handling of personalities, all of your brilliant play calling is worthless if the guy on the floor can\u2019t dribble the ball without turning it over or your players can\u2019t shoot and they can\u2019t score. What I\u2019ve found is that the people that perform at the highest levels have to be surrounded by talent. It does not matter how good you are at anything if you\u2019re not surrounded by talent.
Now, your property manager in this case, let\u2019s call the talent, that might be your actual asset. How nice the units look, what kind of area it\u2019s in. Are there other people that are moving into the area? Companies that are driving up wages and making so people can pay higher rents? Or is there a ton of competition and no one really wants to live in this apartment complex? It might not be the coach\u2019s fault the team isn\u2019t winning. Now, if you\u2019re doing everything right and it\u2019s an amazing unit and everybody wants to live there and you\u2019re getting tons of applications and they\u2019re just mismanaging it, yeah, you need to get another company and need to do it right now. There\u2019s no more time to give them to turn it around. My guess is you\u2019re probably not thinking about if you were in their situation, could you do anything different?
So before you assume it\u2019s the property management company, always start with yourself. What kind of an asset did we give him? What could we be expecting him to do? There\u2019s certain problems that I think anyone just with pure effort and having a good intention can fix. For instance, if they\u2019re having plumbers come out to fix trivial issues and charging you $1,000 when they could be calling a handyman to pay 100, they\u2019re being lazy. Get rid of them. If it\u2019s the expenses are just completely out of control, that\u2019s usually something that the property management has some control over. They\u2019re being lazy. Get rid of them. If everyone that\u2019s applying to live there is willing to pay 895 and you want to bump the rents up to 1200 and no one\u2019s willing to pay it, there\u2019s not much you can do. If tenants are constantly breaking their leases and it\u2019s not just one or two, it\u2019s all the time, well, that may be that they\u2019re choosing the wrong tenants, but it also may be they don\u2019t have much tenants to choose from.
Most of the time, if they have a lot of high qualified tenants, they\u2019re going to pick the ones that are less likely to break the lease. So you\u2019d have to ask some questions. I\u2019d be asking when we have a vacancy, how many people apply for it? I would be saying, how much competition do we have from other units in the area and they should know that. If they don\u2019t even know what their competition is, that\u2019s not a good sign. You might want to move on from them. And then the last piece of advice I\u2019d give you is before you go find another company \u2026 Because I feel like you\u2019re moving that direction anyways. You\u2019re just looking for some reason not to at this point. Is ask the company what they would do different than what you\u2019re getting right now.
Okay. So let\u2019s say that you had a house for sale and it wasn\u2019t selling. You had a listing that was the very same scenario you\u2019ve got. You\u2019ve got an apartment complex, it\u2019s not renting for enough. If you came to me as your real estate agent and said, \u201cDavid, my house isn\u2019t selling. What would you do to sell it?\u201d I would tell you. I would be straightforward. And there\u2019s a very good chance that it wouldn\u2019t be the house\u2019s fault, it\u2019d be your fault. A lot of people list their house too high. They save on not wanting to spend for marketing. They let the house smell bad. They don\u2019t want to have to move their stuff out of it so they\u2019ve got outdated furniture or they\u2019ve got moving boxes, they\u2019ve got stuff that stops the house from showing well, they\u2019re not wanting to actually keep the grass cut or keep it in good condition.
And if you came to me and said, \u201cDavid, why is my house not selling and what would you do different?\u201d I\u2019d tell you what you don\u2019t want to hear. I\u2019d give you the truth. And I would also say, \u201cI\u2019m not going to drop my commission to make this work for you. You\u2019re going to have to put the work into getting your house sold because my job is to get it sold and this is what it\u2019s going to take.\u201d I want a property management company that would say the same thing to me. \u201cOkay, here\u2019s the problem. You haven\u2019t spent the money on the units that you need to. You\u2019re not marketing it in the right places. The units are not in very good shape. The lighting is really poor and the tenants are going to feel scared coming here at night.\u201d They should have objective information readily available to tell you of what they would do different. If they go, \u201cWell, I don\u2019t know. Let\u2019s just get in here and see what we got. We\u2019ll figure it out.\u201d That\u2019s not the person to hire.
You want them to have a plan going in where they can write out to you specifically, this is what we need to do different. These are the 10 steps we\u2019re going to take if you hire us. If they didn\u2019t have a plan in place, I wouldn\u2019t switch to that company. Thank you for the question there though. I\u2019m really sorry this is what you\u2019re going through. I love it as you struggle with this, once you figure out what it was you needed to change, if you would go in the forums, quote the number to this show and tell people, hey, this was my problem and here\u2019s what I figured out how to solve it.
All right, Thank you again everyone for taking the time to send us questions. This is a wrap to this episode of the Seeing Greene Podcast. As always, if you like these shows, please go to YouTube and leave us a comment letting us know what you like about it, why you like it, and what you want to see more of as well as leave us a review to let us know that you love the show. If you\u2019d like to submit a question, please go to biggerpockets.com\/david where you can do so there. And lastly, if you\u2019ve got some more time, please consider checking out another BiggerPockets podcast. We\u2019ve got more Seeing Greene, we\u2019ve got more traditional real estate podcasts. We\u2019ve got a whole library of information on BiggerPockets YouTube channel. We\u2019ve got the State of the Market Podcast, The Rookie Podcast, The Money Show, the Business Show, the Investor Podcast, and probably more that I\u2019m not remembering because there\u2019s so many out there. So check out all of the BiggerPockets podcasts and find the one that resonates with you the most. Thank you very much for your attention and the time that we spent together. I will catch you on another.<\/p>\n